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Tax Tip of the Week
For the week of
July 14, 2003

An amended return may make sense for you


Since the tax return deadline for 2002 has come and gone, you may be tempted to file your tax records and forget about them. However, there may be some situations in which you may want to re-visit your taxes and file an amended return to claim a refund.

Each year Congress introduces legislation that has some impact on the existing tax laws, and in some cases the tax breaks are retroactive to prior years. For example, in March 2002, Congress passed a law allowing businesses to claim additional depreciation for certain assets purchased after September 2001. Since this law was effective for 2001, it may make sense to file an amended return to get a refund now if you didn't claim this deduction on your original 2001 return.

In addition to tax law changes, tax court or IRS rulings may give you the opportunity to claim a refund on a prior year's return. For example, a recent IRS ruling indicated that costs associated with weight-loss programs may be deductible as medical expenses if such costs are incurred due to a medical problem.

Finally, after you file your taxes, you may realize that you missed an important deduction that could have saved you hundreds of dollars. Even the best recordkeeper may have difficulty identifying all potential deductions. In any case, it may make sense for you to file an amended return now if the deduction would result in a tax refund.

As with most tax matters, it's wise to determine if the benefits of filing an amended return are worth the potential costs you may incur. For a review of a prior-year return, contact our office.



Prior Tax TipsClick here to view previous tax tips.

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The information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.

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